Conference Agenda

Global Minds, Local Gains: A Tale of US-China AI Talent Migration

Hanming Fang¹, Xian Gu², Hanyin Yan³, Wu Zhu³

1: Department of Economics, University of Pennsylvania; 2: Department of Finance, Durham University; 3: School of Economics and Management, Tsinghua University

Frequent Stress Tests

Deepal Basak¹, Mayur Choudhary², Zhen Zhou³

1: Kelley School of Business, Indiana University; 2: London Business School; 3: PBC School of Finance, Tsinghua University, People's Republic of China

Scared Away: Credit Demand Response to Expected Motherhood Penalty in the Labor Market

Darwin Choi¹, Zhenyu Gao², Sing-Sen Lam³, Tian Li⁴, Wenlan Qian⁵

1: Hong Kong University of Science and Technology, Hong Kong S.A.R. (China); 2: Chinese University of Hong Kong; 3: Sun Yat-Sen University; 4: TCL Corporate Research(HK) Co., Ltd; 5: National University of Singapore

Knowledge Network and Asset Pricing

Gang Zhang¹, Po-Hsuan Hsu², Erica Li³, Huijun Wang⁴

1: International School of Finance, Fudan University; 2: National Tsing Hua University; 3: Cheung Kong Graduate School of Business; 4: Auburn University

Distant Investments: Decoding Mutual Fund Skills with Large Language Models

Xiyuan Ma¹, Matthew Spiegel², Hong Zhang¹, Yijun Zhou³

1: Singapore Management University; 2: Yale University; 3: City University of New York

Uninsured Deposits, Run Risk, and Bank Stock Returns

Jack Bao¹, Claire Yurong Hong², Kewei Hou³, Thien Nguyen⁴

1: University of Delaware; 2: SAIF, Shanghai Jiao Tong University; 3: Ohio State University; 4: Federal Reserve Board

The Impact of Finfluencers on Retail Investment

Isaiah Hull¹, Yingjie Qi²

1: CogniFrame, Inc.; 2: Copenhagen Business School, Denmark

Rethinking Exchange Rate Exposure in Equity Markets Through International Trade Networks

Seo Ha Kim², Sungjune Pyun¹

1: Yonsei University, Korea, Republic of (South Korea); 2: Stanford University, Stanford, CA

Data, Markups, and Asset Prices

Alexandre Corhay¹, Jun Li², Jincheng Tong¹, Ben Tsou³, Kejia Hu⁴

1: University of Toronto, Canada; 2: University of Warwick; 3: University of Manchester; 4: University of Oxford

Bank Expertise and Structural Transformation

Yu Yi¹, Gang Zhang², Shengxing Zhang³

1: Nankai University, China, People's Republic of; 2: Fudan University; 3: Carnegie Mellon University, Tepper School of Business

Digital Transmission of Financial Knowledge: Evidence from Stock Market Investment

Xiaomin Guo¹, Yi Huang², Qi Sun³, Bernard Yeung^1,4,5

1: SUSTech Business School; 2: Bank for International Settlements (BIS); 3: Shanghai University of Finance and Economics; 4: the National Univer sity of Singapore Business School; 5: ABFER

The Carbon Risk Premium Revisited: The Role of\\ Production Networks

Shubo Kou¹, Kai Li², Minghao Li³, Wu Zhu⁴

1: Nankai University; 2: Peking University; 3: Peking University; 4: Tsinghua University

Anatomy of the Treasury Market: Who Moves Yields?

Manav Chaudhary¹, Zhiyu Fu², Haonan Zhou³

1: University of Chicago, Booth School of Business; 2: Washington University in St. Louis, Olin School of Business; 3: University of Hong Kong, Hong Kong S.A.R. (China)

Diffused Errors along Technology Spillovers: Evidence from the 510(k) Medical Device Market

Po-Hsuan Hsu¹, Kyungran Lee², S. Katie Moon³, Seungjoon Oh⁴

1: National Tsing Hua University; 2: Neoma Business School; 3: University of Colorado; 4: Peking University

Set in Stone: The Persistence and Origin of Corporate Culture

Kai Li¹, Yu-Jane Liu², Ruichang Lu², Kaihao Qian², Xiaojun Zhang²

1: University of British Columbia, Sauder School of Business; 2: Peking University, Guanghua School of Management,

Mosaics of Predictability

Lin William Cong¹, Guanhao Feng², Jingyu He², Yuanzhi Wang²

1: Cornell University SC Johnson College of Business (Johnson) and NBER; 2: City University of Hong Kong, Hong Kong S.A.R. (China)

What Quantity of Reserves Is Sufficient?

Yilin {David} Yang

City University of Hong Kong, Hong Kong S.A.R. (China)

Healthy Returns: The Impact of Paid Sick Leave on Hospital Healthcare Quality

Jie Cao¹, Lei Lei¹, Linjia Song², Xintong Zhan³

1: Hong Kong Polytechnic University, China, People's Republic of; 2: Xiamen University; 3: Fudan University

Valuing Ideological Customer Capital: Measurement through Procurement

Winston Dou¹, Yan Ji², David Reibstein², Di Tian³

1: University of Pennsylvania and NBER; 2: HKUST, Hong Kong S.A.R. (China); 3: University of Pennsylvania

Anomaly-driven demand

Anders Merrild Posselt, Mads Markvart Kjær

Aarhus University, Denmark

A Nascent International Financial Channel of China’s Monetary Policy Transmission

Chang Ma¹, Alessandro Rebucci², Sili Zhou³

1: Fudan University; 2: Johns Hopkins University; 3: University of Macau, Macau S.A.R. (China)

Hidden Medical Debt and Consumer Access to Credit

Elena Loutskina, Joonsung Won

University of Virginia, United States of America

From CeFi to DeFi: What does Investors (Mis)trust?

Shaokai Ding¹, Wenzhi Ding², Chen Lin³

1: Manchester University, Manchester (U.K.); 2: The Hong Kong Polytechnic University, Hong Kong S.A.R. (China); 3: The University of Hong Kong, Hong Kong S.A.R. (China)

Belief Skewness in the Stock Market

Arthur Beddock¹, Paul Karehnke²

1: City University of Hong Kong; 2: ESCP Business School

Illiquidity Meets Intelligence: AI-Driven Price Discovery in Corporate Bonds

Stacey Jacobsen, Kumar Venkataraman, David Xu

Southern Methodist University, United States of America

Asset Pricing with "Buy Now, Pay Later"

Semyon Malamud¹, Neng Wang², Yuan Zhang³

1: Swiss Finance Institute, EPFL, and CEPR, Switzerland; 2: Cheung Kong Graduate School of Business and NBER, China; 3: Shanghai University of Finance and Economics, China

Nationalistic Labor Policies Hinder Financial Innovation

Francesco D'Acunto¹, Hengyi Huang², Michael Weber³, Jin Xie⁴, Liu Yang⁵

1: McDonough School of Business, Georgetown University; 2: Tilburg University; 3: Chicago Booth School of Business and NBER; 4: Peking University HSBC Business School; 5: University of Maryland

How green is green? Anatomy of ESG funds’ selection

Dunhong Jin, Roni Michaely, Menghan Wang

University of Hong Kong, Hong Kong S.A.R. (China)

The Risk and Return of Stocks and Bonds

Alex Dickerson¹, Mathieu Fournier¹, Jan Ericsson², Piotr Orlowski³

1: UNSW business school, Australia; 2: Mc Gill University; 3: HEC Montreal

The Distribution Side of Insurance Markets

Jiaxing Tian¹, Li An², Wei Huang³, Dong Lou⁴, Yongxiang Wang⁵

1: Chinese University of Hong Kong, Shenzhen; 2: Tsinghua PBC School of Finance; 3: University of International Business and Economics; 4: Hong Kong University of Science and Technology and CEPR; 5: Shanghai Advanced Institute of Finance

Labor Unrest and Socially Responsible Hiring

Bohui Zhang¹, Jiaxing You², Haikun Zhu³

1: Xiamen University; 2: The Chinese University of Hong Kong (Shenzhen); 3: China Europe International Business School, China, People's Republic of

Oil-Driven Greenium

Zhan Shi¹, Shaojun Zhang²

1: Tsinghua University, China, People's Republic of; 2: The Ohio State University

What Drives Global Corporate Bond Returns?

Jiarui Deng¹, Kewei Hou², Zhan Shi¹

1: PBC School of Finance, Tsinghua University, Beijing, 100083, China; 2: Fisher College of Business, Ohio State University, Columbus, OH 43210

Leasing as a corporate risk management mechanism

Weiwei Hu¹, Kai Li¹, Chenjie Xu²

1: Peking University, HSBC Business School, China, People's Republic of; 2: Shanghai University of Finance and Economics

Displacement or Augmentation? The Effects of AI on Workforce Dynamics and Firm Value

Mark Chen¹, Joanna Wang²

1: Georgia State University; 2: Peking University

The Salience of Climate Change and Green Patents Review: Evidence from Climatic Disasters

Jie Cao¹, Tao Shu², Xuan Tian³, Yajing Wang¹, Xintong Zhan⁴

1: The Hong Kong Polytechnic University, Hong Kong S.A.R. (China); 2: The Chinese University of Hong Kong; 3: Tsinghua University; 4: Fudan University

Is Love Blind? AI-Powered Trading with Emotional Dividends

De-Rong Kong¹, Valeria Fedyk², Daniel Rabetti^3,4

1: Yuan Ze University; 2: Arizona State University; 3: National University of Singapore; 4: Harvard Business School (visiting)

CEO Incentives and Acquisitions: Evidence from the Pay Ratio Disclosure Mandate

Sudipto Dasgupta^1,2,4, Tao Shu^1,3, Yuxuan Zhu¹

1: Chinese University of Hong Kong; 2: CEPR; 3: ABFER; 4: ECGI

Government Spending and Rising Industry Stars

Roberto Gomez Cram, Yunhan Guo, Howard Kung, Luca Mecca

London Business School

So Many Jumps, So Little News

Yacine Ait-Sahalia¹, Chen Xu Li², Chenxu Li³

1: Princeton University, USA; 2: Renmin University of China, China; 3: Peking University, China

Crypto Risk in the Financial System

Hengguo Da¹, Kose John², Ndackyssa Oyima-Antseleve³

1: SWUFE, China, People's Republic of; 2: NYU, USA; 3: CAL Poly, USA

Unveiling the Fog of Law: Judicial Transparency and Entrepreneurship

Xing Liu, Xuan Tian, Zhiming Zhu

Tsinghua University, PBC School of Finance

Contracting with Government: Judicial Independence and Expropriation Risk in the Capital Market

Naide Ye

Shanghai Advanced Institute of Finance, Shanghai Jiao Tong University, People's Republic of China

Common Risk Factors in the Returns on Stocks, Bonds (and Options), Redux

Zhongtian Chen¹, Nikolai Roussanov², Xiaoliang Wang³, Dongchen Zou⁴

1: The Wharton School; 2: The Wharton School; 3: HKUST Business School, Hong Kong S.A.R. (China); 4: The Wharton School

CODE-WASHING: EVIDENCE FROM OPEN-SOURCE BLOCKCHAIN STARTUPS

Ofir Gefen¹, Daniel Rabetti¹, Yannan Sun², Che Zhang³

1: National University of Singapore; 2: The University of Hong Kong; 3: Tsinghua University

Moral Hazard and the Corporate Information Environment

Dan Luo

Chinese University of Hong Kong, Hong Kong S.A.R. (China)

Sowing Public Seeds, Reaping Private Blooms: A Q-theoretical Approach to Government Investment

Zhiyao Chen¹, Ran Duchin², Daniel Kim³, Erica X.N. Li⁴

1: City University of Hong Kong, Hong Kong S.A.R. (China); 2: Boston College; 3: University of Waterloo; 4: Cheung Kong Graduate School of Business

Semiparametric Conditional Factor Models in Asset Pricing

Qihui Chen¹, Nikolai Roussanov², Xiaoliang Wang³

1: CUHK-Shenzhen; 2: The Wharton School; 3: HKUST Business School, Hong Kong S.A.R. (China)

Inside Out: Who Trade Before the Start of Cyber Attacks?

Xi Dong¹, Edward Xuejun Li¹, Xintian Lin², Xin Yuan³

1: Baruch College, City University of New York; 2: Central University of Finance and Economics; 3: Dongbei University of Finance and Economics

To Grant or Not to Grant: Inventor Gender and Patent Examination Outcomes

Yuqi Gu², Katharina Lewellen³, Connie Mao¹, Yueru Qin⁴

1: Temple University, United States of America; 2: Willamette University; 3: Dartmouth College; 4: Nankai University

Market Feedback: Evidence from the Horse’s Mouth

Itay Goldstein¹, Bibo Liu², Liyan Yang³

1: University of Pennsylvania; 2: Tsinghua University; 3: University of Toronto

Share the gain but not the pain: Managerial rent extraction and the manager-worker pay growth gap

Jie He¹, Lei Li², Rik Sen¹, Tao Shu³

1: University of Georgia, United States of America; 2: Meta Platforms Inc; 3: Chinese University of Hong Kong

China Walls

Daniel Nathan¹, Chaojun Wang², Tomy Lee³

1: PolyU, Hong Kong S.A.R. (China); 2: The Wharton School; 3: CEU

Does Digitalization Widen Labor Income Inequality?

Jilei Huang¹, Yi Sun², Jian Wang³, Liyan Yang⁴

1: School of Economics, Shandong University; 2: School of Economics and Management, University of Chinese Academy of Sciences; 3: School of Management and Economics, The Chinese University of Hong Kong (Shenzhen); 4: Rotman School of Management, University of Toronto